The benchmark index, Nifty, could not conquer the resistance of 8279 and after reaching the level of 8263, it slipped down. The immediate resistance now is at 8250 which if conquered will see the index shooting towards 8279 and beyond. However we doubt that Nifty will go up north with a bang. It seems more likely that the index might drift down south as there is no particular sector or stock to qualify as a conclusive leader in the current scenario. The immediate support is at 8209 and 8051 as we had stated in our weekly post.
That being said, the direction is not clear as of now and therefore Nifty is expected to register sharp downfalls and/or sharp up ticks, on account of which any opportunity for the mid term investors will be apparent only during the session. Similarly any opportunity for the short-term investors is not clear. We would request the readers of this blog to follow us by e mail so that any opportunity that presents itself will reach their inbox.
As for the day traders, they may go long in Nifty futures if the spot Nifty trades above 8250 to book profit when the spot nifty hits 8289. They may short the Nifty futures if the spot nifty trades below 8235 to cover when the spot Nifty hits 8215.
Disclaimer: The writers of this column do not personally hold any stock or position in the F&O market and do not intend to benefit in any way by publishing this column. The final discretion is that of the reader and we disown any responsibility for any loss incurred by the reader.
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